Central Florida:
Due to the impact of Hurricane Idalia on Florida phosphate production, DAP postings at Central Florida increased to $540/st FOB from the previous $500/st FOB. MAP trucks firmed to $615/st FOB, an 11.8% increase from the prior $550/st FOB level.
White Springs MAP postings were unchanged at $625/st FOB, sources said.
US Gulf:
NOLA DAP barge prices widened during the week, sources said, to $520-$535/st FOB from last week’s $523-$526/st FOB range. MAP barges were reported at $615-$653/st FOB, expanding from last week’s $625-$630/st FOB, with the top of the range set by product of non-Russian origin.
US Imports:
July DAP imports firmed 582.3%, to 194,481 st from the year-ago 28,504 st. July imports from Saudi Arabia stood at 113,818 st, while material shipped from Jordan totaled 58,916 st. Australia added 20,834 st.
MAP/Other imports for July firmed 122.0% year-over-year, to 77,750 st from 35,030 st. Tunisia sent 41,265 st for the month, ahead of 35,274 st from Australia and 405 st from Mexico.
US Exports:
With nothing new confirmed on the US Gulf export market, prices continued at the last-reported $550/mt FOB level.
July DAP exports moved 55.2% lower, to 26,575 st from 59,334 st in July 2022. US sellers sent 11,023 st of DAP to Peru, beating 8,818 st to Uruguay and 6,614 st to Mexico.
MAP/Other exports for July softened 27.2% year-over-year, to 52,327 st from 71,836 st. Canada took 49,662 st for the month, ahead of both 2,205 st to Brazil and Mexico’s 455 st.
Eastern Cornbelt:
DAP edged back up to $585-$595/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati and the high in Illinois. MAP was quoted at $685-$695/st FOB in the region, with the low again confirmed at Cincinnati.
DAP remained at $570-$580/st FOB in the Western Cornbelt, with the low confirmed at St. Louis. MAP was quoted at $670-$690/st FOB, with the low at St. Louis and the high in Iowa.
Northern Plains:
Phosphate pricing at St. Paul remained at $590/st FOB for DAP and $690/st FOB for MAP in mid-September.
Great Lakes:
MAP was pegged at a firm $700-$715/st FOB in the Great Lakes region, up from $690-$700/st FOB at last report. The DAP market was quoted at $590-$595/st FOB for any available tons.
Northeast:
The latest phosphate offers FOB East Liverpool were quoted at $600/st FOB for DAP and $695/st FOB for MAP, with delivered pricing in Pennsylvania reported at $640/st for DAP and $720/st for MAP. No MAP tons were available at Fairless Hills in September, though sources reported offers at the $660/st FOB level for February-March truck shipments.
China:
Sources said producers are now quoting $570-$575/mt FOB for DAP, pointing to the Bangladesh DAP tender as justification. Even though BADC in Bangladesh settled some of its tender needs with Morocco and Saudi Arabia at $526/mt CFR, sources said the price set by the producers is not far from the mark.
Traders noted that demand for DAP is picking up in Southeast Asia, giving producers more opportunities for sales and higher prices.
There is also a growing concern among buyers that DAP exports may face the same limits seen in the urea market. One trader noted that the export inspections have been going smoothly so far, as has the berthing of vessels. However, there is nothing preventing the government from pressuring producers to focus on the domestic market at the expense of exports, he added.
Traders also noted that Russia announced it would no longer offer discounts on DAP to India, providing Chinese producers with additional good news.
India:
Buyers are stepping back after a series of large purchases from Russia, Morocco, and Saudi Arabia at $565-$570/mt CFR, sources said. The tonnage slated to come in will reportedly provide enough DAP to keep farmers happy for a while.
On the heels of the large deals, Russia announced it would no longer offer India a discount on its DAP. One source noted that previous deals seemed to have been conducted under the rupee-ruble exchange program, set up after sanctions were imposed on Russia following the invasion of Ukraine.
While India has stepped up its DAP imports from Russia, it remains dependent on China and Saudi Arabia for most its needs. Trade Data Monitor reported Russian imports at 400,000 mt in January-June, accounting for 13% of India’s total DAP imports for the period. In contrast, China and Saudi Arabia sent a combined 2.1 million mt to India in the first half of the year.
Russian imports totaled 245,000 mt in January-June 2022 before jumping to 495,000 mt in the second half of 2022, for a total of 740,000 mt for the year. This was significantly below the combined 3.3 million mt that India imported from China and Saudi Arabia in 2022.
Brazil:
MAP imports were steady at $530-$535/mt CFR in Brazil, while forward offers were noted at $540/mt CFR. Players reported OCP as sold out for October loading.
MAP prices remained relatively stable in the Rondonopolis market, lifting $10/mt at the low side to $645-$660/mt FOB ex-warehouse. Players cited low prompt availability and little remaining demand for the 2023/24 safra, which will be planted later this month.
Tons offered for corn safrinha, slated for delivery closer to the end of the year, were indicated in the $650-$660/mt FOB ex-warehouse range, while offers for the 2024/25 soybean crop were noted at $670-$695/mt FOB ex-warehouse.